How long does mortgage pre-approval take?

[anna's mum]

Hi, does anyone have any experience with mortgage pre-approval? We applied 12 days ago & still have not heard yes or no, although we did have to provide further documentation yesterday. It is a bit stressful, because we have actually agreed on a price for a house we want to buy & are now just waiting for the bank's nod. :(

[sharvs]

I used to work in the finance industry before becomming a mummy. Sometimes the bank or financial institution has to get approval from a third party (ie: mortgage insurer) and this can take a while. 12 days is too long to wait, however if they did ask you for more info yesterday I'd say they have had to pass that info on too. Being Easter, I'd say that maybe you will hear tomorrow but it might not be until after the long weekend.

It's so stressful, all you want is a yes or no so you can go from there.

Let me know if I can help you anymore

[anna's mum]

Thanks Sharon, I didn't think about the third party aspect.

Yes, it is very stressful - we are also waiting for insurance money to get a new car today, if not it will be Tuesday, so we're looking at Easter without a car. I am so sick of waiting!!!

:mad:

[sugar n spice]

i think it takes about 2 wks or 14 business days from my experience though its usually earlier than that

[Hannahsmumma]

Hello
In my two experiences it was quite a wait. The first time was at least 2 weeks and there was no reason for it. I didn't get asked for more info or anything. The next time we found out the same week. Maybe they do more financial checks or something the first time you get a mortgage.
Good Luck though I'm sure everything will work out ;)